MOUNTAIN VIEW, CA - September 29, 2009 - NEOEDGE (www.neoedge.com), the leading total solution provider of advanced digital media services in casual games for the PC, announces the closing of its most significant round of venture capital funding to date.
The financing was co-led by Vanedge Capital, a fund focused on interactive entertainment and digital media. Its principals are Paul Lee, former President of Electronic Arts Worldwide Studios and Glen Entis, former Chief Visual and Technical Officer of Electronic Arts Worldwide Studios and prior to that, CEO of DreamWorks Interactive. The other co-lead investor is Jefferson Partners of Toronto, Canada. Paul Lee, Glenn Entis of Vanedge and Byron Lee of Jefferson Partners will join the Company's Board of Directors.
"NeoEdge is fortunate to have the financial backing, pedigree experience and relationships that Vanedge Capital brings to our business," said Dan Servos, NeoEdge President and Chief Executive Officer. "Paul Lee and Glen Entis' resources, skills and deep domain knowledge of the games business will further position NeoEdge for sustained leadership, dramatic growth and long term success."
The new funding will help accelerate NEOEDGE's advertising services revenue growth through the expansion of its advanced media solutions and acquisition of new premium online casual game titles.
"We're enthusiastic about the fast growing online casual games market. NeoEdge has established a leadership position around free premium games with the superior performance of their advertising solutions," said Paul Lee, General Partner at Vanedge Capital. "The traction NeoEdge has with Fortune 500 advertisers, major agencies, great distribution partners like Yahoo! and NBC Universal and the top game developers is formidable. We also see huge potential for their unique, innovative technology services platform for socially enabling existing hit game titles. These are excellent opportunities that we will actively apply our expertise to, to help build the business."
NEOEDGE provides the only digital media services platform that dynamically, safely and securely inserts high performing full-screen video mid-roll ads, overlay ads and sponsorship elements during gameplay. The NEOEDGE services platform also generates valuable, loyal consumer communities through sponsored social rewards in existing casual download and online flash games. Third party research, rich analytics & repeat advertiser campaign results demonstrate that NEOEDGE delivers the best brand engagement performance available in the online game market today
"The advertising world knows it needs new ideas, new advertising models, and new skills to stay connected to consumers as they spend more and more of their time on-line and in interactive pursuits," said Glenn Entis, General Partner at Vanedge Capital. "What better opportunity than a multi-billion industry in the middle of a crisis and in search of new ideas and business models? We are impressed that NeoEdge has made strong first steps in providing that leadership and we are looking forward to taking it to a significantly higher level".
About NeoEdge Networks, Inc.
NEOEDGE, headquartered in Mountain View, California with sales offices in New York, Chicago, Los Angeles and Toronto, Canada, is the leading digital media company providing total advertising and sponsored community solutions for the online casual game industry. In close partnership with many of the largest game publishers, portals and advertisers, NEOEDGE has revolutionized the causal gaming experience by providing safe, simple and profitable adsupported game play through its patent-pending technology suite and advertising services platform. More than 50 top publishers rely on NEOEDGE to deploy over 500 ad-supported casual games throughout the NEOEDGE partner network. NEOEDGE has created a robust and scalable online medium which allows advertisers to target a valuable demographic with high performing ad products. It enables an ad-supported business model for game publishers and web site owners. In January 2009 NEOEDGE was awarded Digital Publisher - Category Winner, in OnMedia's Top 100 Private Companies. In May 2009 NEOEDGE was selected as one of the most promising private technology ventures and awarded the prestigious Red Herring 100 NAAward. To advertise with NEOEDGE or learn more about increasing revenue through adsupported casual games, please visit www.neoedge.com.
About Vanedge Capital
Vanedge Capital (www.vanedgecapital.com) is a new venture capital fund focused on investments in interactive entertainment and digital media businesses. It invests where its unique combination of operating leadership and management; subject matter expertise; relationships with technology, creative, and management talent; and proven ability to pick hits in a hit-driven business will generate out-sized returns. Its focus is on companies which can leverage its operating skills, experience and contacts to bring hit properties and services to market.